Morgan Stanley analyst Matthew Harrison downgraded Immunomedics to Equal Weight from Overweight, stating that he recommends taking a more conservative approach following last week's Complete Response Letter from the FDA for sacituzumab govitecan in triple negative breast cancer. While he believes consensus has a more positive than negative view of the company's ability to solve the CMC issues quickly, he is concerned that management's view of the issues and the FDA's view of the issues differ significantly, Harrison tells investors. He lowered his peak sales estimate to $1.6B from $2B after lowering his odds of success for the mTNBC program from 100% to 75% and cut his price target on Immunomedics shares to $17 from $38.